India-based Peerless Hotels, the hospitality unit of Peerless Group, has announced plans to expand its current number of rooms from 450 to 900, reported ETHospitality.
The company plans to meet its goal through management contracts or acquisitions.
According to The Telegraph, the company initiated a transformative journey last year, renovating two floors of the 168-room property in Kolkata, a flagship property.
The Kolkata property saw the renovation of 32 rooms and has been renamed Club Eminence.
Under this transformation journey, Peerless Inn also changed its name to Peerless Hotel.
Peerless Hotels managing director Debasree Roy Sarkar told ETHospitality that the company expects to see a steady revenue growth of 28%-30% year-on-year.
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Sarkar added: “Our hotels are performing well, in terms of profits too, making this potentially our best year yet.”
Peerless Hotels CEO Kuldeep Bhartee stated that the hotels are currently experiencing a positive overall occupancy rate.
The company has five properties across locations, including Hyderabad, Kolkata, Port Blair, Durgapur and Mukutmanipur.
The hotel in Kolkata has an occupancy rate of 83%, Durgapur at 70%, and Hyderabad at 99%.
The resorts in Port Blair and Mukutmanipur have an occupancy rate of 50%-55%.
Peerless General Finance & Investment director Supriyo Sinha told The Telegraph: “Right now, we don’t have a plan to build a property from scratch. But we are open to acquiring a property or a chain of hotels — that one cannot predict the timing. If an opportunity comes up, we will definitely evaluate.”